How Indonesian billionaire Hartono's family transforms Como into a European giant-killer

The Hartono family and Chairman Mirwan Suwarso have transformed Como from a Serie D team into a force that just crushed Manchester United 4-1 in the Champions League.

The victory on Oct. 21 has put Como in European football's spotlight. From playing in the fourth tier of Italian football seven years ago to thrashing the three-time Champions League winners on Europe’s biggest stage, Como has come a long way.

Back in 2019, Como was a Serie D club deep in financial crisis and with virtually no standing on the European football map. Their fate shortly changed when Indonesian billionaire brothers Robert Budi Hartono and Michael Bambang Hartono acquired the club through Sent Entertainment, a subsidiary of the Djarum business group, for a reported €850,000 (US$951,400).

Mirwan Suwarso, an entrepreneur with a background in advertising, television, and film production, was appointed to run the project.

In an interview with The Observer on Oct. 18, he admitted that the initial plan had almost nothing to do with turning Como into a football powerhouse. "We bought the club, originally, for a TV station," Suwarso told the English outlet.

In Indonesia, he had run a show called "Garuda Select", where a team of young Indonesian players competed against European academies. The program was a hit, and Como was eyed as a sequel.

The plan was for the network to acquire Como, bring Indonesian players to Italy, then produce a show documenting their journey.

However, restrictions on registering players from outside the European Union forced the project to make a detour.

Management shifted to producing a show built around a newly appointed American chief executive. Despite being relatively well-received, the show could not generate enough revenues to cover the increasing costs of its own distribution and the club’s operations. "If we wanted to grow, it had to be a business," Suwarso said.

Moving to London in 2023 to take direct charge of the project, Suwarso officially took over as Como’s chairman in October 2024, marking a curious career pivot from a television professional to head of a rising Serie A team.

He was backed by the Hartono family’s financial strength. The Djarum Group started in the tobacco industry, then expanded into banking, real estate, electronics, and e-commerce. One of the family’s most important assets is their stake in Bank Central Asia, a major private bank in Indonesia.

According to Forbes, the Hartono brothers now have a combined net worth of $43.8 billion, topping the list of Indonesia's richest people. Michael Bambang Hartono passed away in March 2026 at the age of 86, but the family remains committed to the Como project.

Such financial resources allow Como to be very active in the transfer market. La Gazzetta dello Sport reported that the club spent approximately €342 million on players from the 2024/25 season through August 2026. In Italy, only Juventus, AC Milan, and Napoli have spent more over the same period.

The 2026 summer transfer window alone cost Como €127 million. Investments went into building a squad capable of competing in the Champions League, rather than just avoiding relegation as they did upon returning to Serie A.

Suwarso aimed to build a football business that could generate its own revenue, rather than overrelying on owner investment. However, the club could hardly compete commercially with Juventus, Inter, or Milan if they relied solely on their traditional fanbase.

His vision is to operate Como as a "premium sports tourism" venture. With a stadium situated beside one of Europe’s most famous and well-visited lakes, associated with the elite and Hollywood stars like George Clooney, Como is in a prime position to capitalize on the lake’s global tourism appeal and high-end luxury reputation.

Suwarso compared Como’s growth strategy to Disney’s. Football plays a key role in attracting attention, while revenue streams expand into fashion, hotels, restaurants, tourism, and merchandise. According to The Times, Como’s sales of souvenirs and merchandise increased from around €53,000 per year to over €10 million last year, with a target of €34-40 million by 2026.

Meanwhile, the 13,000-capacity Giuseppe Sinigaglia stadium has been turned into a tourist destination, offering packages that combine watching football with boat trips on the lake, city tours, and high-end services. The team have also developed their own fashion line in collaboration with international brands.

However, money and marketing only explain part of the success. Como’s most important professional decision was appointing Cesc Fàbregas.

The former Arsenal, Barcelona, and Chelsea midfielder joined Como as a player in 2022 before transitioning to coaching. Suwarso said he saw similarities between Fàbregas’s approach to building teams and the way the club’s leadership organizes its business. Both emphasize structure, methodology, and long-term development plans.

Como established a six-member football council to decide on professional matters and transfers. According to Suwarso, Fàbregas has the biggest say in squad-related decisions, supported by data, personnel, financial, and tactical analysis.

This model contributed to Como’s promotion to Serie A in 2024, a fourth-place finish last season, and their Champions League debut this year. Their triumph over Manchester United showed that Fàbregas’s team possesses both quality players and tactical organization capable of defeating a giant.

Nevertheless, the Como model is not without risks. According to Swiss Ramble’s analysis, the club recorded a pre-tax loss of approximately €105.1 million in the 2024/25 financial year, despite a significant increase in revenue. The expansion has also sparked local debate, particularly regarding stadium renovation plans and the impact on residents’ lives.

Suwarso acknowledged that Como must strike a balance between global expansion ambitions and the interests of the local community. Another challenge for him is to prove the team can maintain success without relying on hundreds of millions of euros in ongoing financial backing from the Hartono family.